The Atomo Diagnostics Ltd (ASX: AT1) share price closed 7.27% lower this afternoon after the company posted its half-year results earlier today.
The medical device business posted gains in many of its key financial metrics, however, the benefits did not carry over to the Atomo Diagnostics share price during trading.
Here's a rundown of the company's half-yearly results for the period ending 31 December 2020.
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Atomo Diagnostics posts gains across key metrics
The company reported a revenue increase of 389% to $4.58 million for the first half of FY21.
Gross profit was also up, jumping 278% over the prior corresponding period (pcp) to $2.52 million.
Atomo reported a negative net operating cash flow of $193,300 for the period, which is a 91% improvement on the pcp.
The business increased the number of devices it produces monthly. During the first half of FY21, it progressed from producing 750k devices a month to 1.6 million.
Cash and cash equivalents amounted to $24.7 million at 31 December 2020, which is a dip down from the $27.1 million reported at 30 June 2020.
Atomo noted that it invested a total of $2.29 million in R&D activities over the 1H FY21 period.
Outlook
As 2021 progresses, the company has outlined a variety of priorities. Some of these include pursuing relevant FDA approvals, driving growth in the US and Australian markets, and continuing to develop digital enhancements that support the use of Atomo products.
The company is also anticipating increased demand for its HIV self-test device.
Atomo will continue to invest in R&D activities that support the development of new products and help reveal future market opportunities.
Finally, Atomo noted that the coronavirus pandemic had limited impact on the business outside of causing a few minor delays.
About the Atomo Diagnostics share price
The Atomo Diagnostics share price has dropped 31.25% in the past 6 months.
The company's market capitalisation is $114.2 million, with 407.9 million shares outstanding.
